The Business Times
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Independent financial advisers gain ground as demand for holistic service grows

IFAs account for 40.7% of the industry’s new business growth in 2024, outpacing tied agents, at 33.3%

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Isabelle Chong

Published Mon, Jul 21, 2025 · 12:00 PM
    • While independence in IFAs might be framed as freedom – over schedules, product selection and business strategy – other industry players say that might not be true in practice.
    • While independence in IFAs might be framed as freedom – over schedules, product selection and business strategy – other industry players say that might not be true in practice. PHOTO: UNSPLASH

    [SINGAPORE] The life insurance market in Singapore has long been dominated by tied representatives from insurers and bank-affiliated advisers.

    But in recent years, independent financial advisers (IFAs) have been steadily carving out a larger share of the industry, as consumer demand shifts towards more holistic financial advice.

    Tied agency forces – representing single insurers – continue to make up a significant portion of the industry, while banks leverage their reach and brand to push packaged financial solutions. In contrast, IFAs position themselves as more client-centric and able to offer a wider range of products across different insurers.

    Financial advisoryPrudentialGreat Eastern

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